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J.P. Morgan, Citi, Goldman earnings seek to hurdle a limbo pole

J.P. Morgan Chase kicks off bank earnings this week.

Quarterly results from big banks like J.P. Morgan Chase, Goldman Sachs, and Citigroup this week will give investors their first taste of how disappointing earnings season may be, as they seek to clear consensus estimates that fell considerably during the third quarter.

Financial companies make up 13 out of the 30 companies scheduled to report this week, including two of six Dow components reporting, J.P. Morgan Chase & Co. JPM, -0.32% and Goldman Sachs Group Inc. GS, -1.04%

Of the ten sectors on the S&P 500 Index SPX, +0.07% earnings estimates for financials saw the second largest downward revision in the third quarter — down to 4.3% growth from 10.1% — with earnings estimates being cut for 53 of the 88 companies in the sector, according to John Butters, senior earnings analyst at FactSet. The sector with the largest downward revision was materials.

FactSet
Bank earnings estimates took a dive in the third quarter.

“Many of the headlines in recent weeks have centered on the fact that global investment banking fees are at the lowest level in four years, while margins could continue to suffer given stagnant interest...


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